Crypto Firms Commit HK$57M in Immediate Aid After Hong Kong’s Deadliest Fire

Binance, HashKey, KuCoin, Bitget, and TRON together committed millions to help victims and rebuild communities

Binance, HashKey and other cryptocurrency giants pledged HK$57 million ($7.3 million) worth of emergency aid following a fire that broke out in a residential tower in Tai Po, Hong Kong, earlier this week.

The funds will be used to provide relief teams in the region with essential support in the early stages of recovery.

Tai Po Fire Relief Response

The Tai Po tragedy began on November 26 at Wang Fook Court in Hong Kong and has been classified as a Level 5 fire, the city’s most severe category. Authorities described the fire as the deadliest residential fire the region has witnessed in more than a decade, killing many people and displacing dozens of families. At present, at least 94 people have been confirmed killed, 76 others injured, and about 300 people are still missing.

Following the incident, leading cryptocurrency companies organized a coordinated humanitarian response to assist in rescue operations, provide support to affected populations, and contribute to rebuilding efforts. In total, the sector has allocated HK$57 million for relief plans.

He added: “We extend our deepest condolences to all the affected residents of Tai Po, and we pray that the deceased will rest in peace and that the living will remain strong.” He said Binance in a statement. And in a separate announcement, HashKey He added“Our thoughts are with everyone affected by the tragic Tai Po fire in Hong Kong, a city that is home to the core of the HashKey community.”

Binance, HashKey Group and Avenir Group each pledged HK$10 million, while KuCoin contributed HK$2 million. Matrixport later certain Donate HK$3 million to support relief and recovery efforts for residents and frontline responders.

Bitget also shared that it will make a HK$12 million contribution to affected families and rebuild the community, with the funds going to three prestigious charitable organizations in Hong Kong. In addition, Tron, in partnership with HTX, jointly Donated HK$10 million to assist the ongoing rescue initiative.

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The role of the cryptocurrency sector in global emergency relief

This is not the first time that cryptocurrency companies have come together to help in emergency situations. The sector has a strong track record of intervening in such situations over the years. For example, in 2023, many exchanges will take place sender More than $9 million to support Türkiye and Syria after the earthquake. Binance too Issued BNB is distributed by air to users in the most affected areas in Morocco.

The industry has also contributed tens of millions to support Ukraine, including major grants from Ripple to groups like the United Nations High Commissioner for Refugees and World Central Kitchen. The latest joint initiative is expected to help by giving local teams the liquidity they need to continue relief operations.